Legend Biotech (NASDAQ:LEGN) Hits New 1-Year Low – Should You Sell?

Legend Biotech Co. (NASDAQ:LEGN)’s share price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $31.83 and last traded at $31.91, with a volume of 139906 shares traded. The stock had previously closed at $32.77.

Analysts Set New Price Targets

A number of brokerages have commented on LEGN. Redburn Atlantic assumed coverage on Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $83.00 target price on shares of Legend Biotech in a report on Monday, December 9th. HC Wainwright reiterated a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a report on Tuesday, December 10th. Finally, Piper Sandler reissued an “overweight” rating and issued a $78.00 price objective on shares of Legend Biotech in a research report on Monday, December 30th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Legend Biotech presently has a consensus rating of “Buy” and a consensus target price of $80.62.

Legend Biotech Stock Performance

The stock has a 50-day simple moving average of $37.96 and a 200-day simple moving average of $46.51. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The stock has a market cap of $5.78 billion, a PE ratio of -33.29 and a beta of 0.16.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. The business had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company’s revenue for the quarter was up 66.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.17) EPS. Equities analysts predict that Legend Biotech Co. will post -1.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Westfield Capital Management Co. LP grew its position in Legend Biotech by 5.6% in the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after buying an additional 266,296 shares during the last quarter. Franklin Resources Inc. purchased a new position in Legend Biotech during the 3rd quarter worth approximately $12,837,000. Geode Capital Management LLC raised its stake in Legend Biotech by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock valued at $23,933,000 after purchasing an additional 17,337 shares during the period. Hsbc Holdings PLC lifted its holdings in shares of Legend Biotech by 9.9% in the second quarter. Hsbc Holdings PLC now owns 232,560 shares of the company’s stock valued at $10,296,000 after purchasing an additional 20,910 shares in the last quarter. Finally, Empire Life Investments Inc. boosted its position in shares of Legend Biotech by 75.2% in the third quarter. Empire Life Investments Inc. now owns 98,688 shares of the company’s stock worth $4,809,000 after buying an additional 42,368 shares during the period. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Company Profile

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery, development, manufacturing, and commercialization of novel cell therapies for oncology and other indications in the United States, China, and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM).